The Nigerian Exchange Limited (NGX) reversed previous gains to close on a negative note yesterday, causing the All-Share Index (ASI) to plunge by 0.03 per cent. The bearish performance was buoyed by investors’ profit-taking sentiment across major sectors.
Specifically, the ASI dropped by 10.68 points, representing a decrease of 0.03 per cent, to close at 39,449.82 points. Similarly, the overall market capitalisation lost N6 billion to close at N20.554 trillion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO), Pharma Deko, Zenith Bank and Oando.
Analysts at Afrinvest Limited said: “ In the next trading session, we expect to see profit-taking activities dominate the market in the absence of any positive catalyst.”
Also, investors’ sentiment closed negative, with 19 gainers and 17 losers. Capital Hotels and Eterna Plc recorded the highest price gain of 10 per cent each to close at N3.19 kobo and N6.82 kobo while Morison Industries followed with a gain 9.74 per cent to close at N1.69 kobo.
Transcorp Hotels went up by 9.30 per cent to close at N4.70 kobo while UACN Property Development Company (UPDC) appreciated by 9.22 per cent to close at N1.54 kobo.
On the other hand, Academy Press led the losers’ chart with 9.76 per cent to close at 37 kobo. Pharma Deko Plc followed with a decline of 9.52 per cent to close at N1.71 kobo while Mutual Benefits Assurance declined by 8.57 per cent to close at 32 kobo.
Associated Bus Company shed 7.69 per cent to close at 36 kobo, while Unity Bank depreciated by 6.67 per cent to close at 56 kobo.
Meanwhile, the total volume traded increased by 0.3 per cent to 198.332 million shares, worth N1.056 billion, and traded in 3,336 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 48.384 million shares valued at N11.167 million.
Mutual Benefits Assurance followed with 27.092 million shares worth N8.707 million, while Jaiz Bank traded 10.905 million shares valued at N6.790 million.
Regency Alliance Insurance traded 9.008 million shares valued at N3.943 million, while Transnational Corporation of Nigeria (Transcorp) transacted 6.944 million shares worth N6.641 million.